Raising awareness on the advantages of “good corporate governance” among small and medium-sized enterprises will help enhance SME competitiveness in the region, an official of the Pearl Initiative said.
Executive director Carla Koffel noted that the SME sector in the GCC region has witnessed “rapid growth,” and “plays an instrumental role” in driving economic development and job creation. 
“However, smaller businesses are unable to give adequate importance to corporate governance practices, since they are often faced with the challenge of limited resources or urgent competing business needs,” Koffel pointed out during a roundtable discussion the Pearl Initiative co-hosted with the International Chamber of Commerce (ICC) Qatar at Qatar Chamber yesterday.
She added: “There is a pressing need today to raise awareness of the benefits that good corporate governance can bring to SMEs, whether in enhancing access to finance, reducing risk, or achieving faster business growth.” 
The Pearl Initiative is a Gulf-based non-profit organisation promoting a “corporate culture of accountability and transparency” as a key driver of competitiveness across the region. 
The discussion marks the launch of the Pearl Initiative’s region-wide programme to raise awareness about the benefits of good corporate governance and accountability for SMEs in terms of long-term business sustainability and profitability. 
The programme constitutes a series of interactive roundtables, workshops, and a Gulf-wide survey that seeks to understand the challenges that SMEs in the region face and to identify solutions and opportunities. 
Specifically tailored to the GCC region, the initiative complements the existing work of organisations and funds that support SMEs, while recognising the importance of developing best practices that are suited to regional needs. 
Underlining the need to encourage SMEs to adopt sound corporate governance practices early in their business development journey, Koffel said: “These systems can help them to increase the value of their business and achieve long-term success. We are excited to roll-out our SME programme and unlock new opportunities for expansion within this crucial economic segment.”
ICC Qatar board member and CEO Remy Rowhani underscored the significant role of SMEs in economic development and the need to support and enhance this sector. 
“The International Chamber of Commerce is a great supporter in pushing for SMEs within the Qatari economy and jointly with the Qatar Chamber organises the annual SME conference that takes place in Qatar. 
“The topics of the panel discussion will be of great interest to individuals working within the SME field, highlighting priorities for SMEs, issues that may arise and how to overcome them. SMEs are rapidly growing in the GCC, in turn improving and benefiting the economy, they must be supported and helped in funding them,” he emphasised.
As part of its efforts to strengthen the SME ecosystem, the Pearl Initiative is also set to conduct a region-wide SME survey next month. The survey will examine the challenges and priorities for SMEs with regard to implementing corporate governance and accountability practices. The findings of the survey will be compiled into a report that will be released after the summer.